Behaving strategically:
A. is an essential part of game theory.
B. means recognizing that the actions of others will affect the trade-offs you face, and acting accordingly.
C. involves rational decision making.
D. All of these statements are true.
Answer: D
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If capital and labor each grow 5% in a year, the elasticities of output with respect to capital and labor sum to one, and productivity grows 2% in the year, by how much does output grow during the year?
A) 2% B) 3% C) 5% D) 7%
Suppose in a democratic society, all voters prefer choice G over choice B; however, when the two choices are presented along with a third choice, R, B wins the election. This violates the assumption of
A) transitivity. B) non-dictatorship. C) independence of irrelevant alternatives. D) completeness.